Could Terra Luna classic potentially burn its way to one dollar? That is what we’re going to be talking about because I’ve seen a lot of talk over on Twitter so much to the fact that Luna classic has actually been starting to trend a lot over on Twitter. So, lots of people are putting out tweets about Luna classic and you can see it on the bottom right here. Luna classic trending and there’s a lot of talk about potentially burning up the cryptocurrency because we do know.
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If you think TERRA LUNA CLASSIC can hit 1$ I’m interested to hear your thoughts or do you think you could hit something less like a cent maybe 10 cents or less than a cent interested to hear your thoughts where the price could go. But, one thing we do know for this cryptocurrency is that if it wants to go up in price from its current level. So, this is the current realistic level of lunar classic right now. If the price wants to go up what does need to happen? Basic Maths tell us that the supply of this crypto needs to be reduced significantly. So, we need a significant reduction in the price in the in the supply of lunar classic because there’s a massive supply currently. So, something like 6 trillion plus Luna classics are out there. So, one thing that we do need to happen is there needs to be a massive amount of burns. I want to talk about some realistic things what is actually happening right now.
So, what is happening with the burn what are some potential ideas. I did see this from a crypto exchange and this is not a sponsored mention, but it did. I did see it from Max C. This is interesting because there is a lot of interest. It with Luna classic right now and Mexi have a look at this tweet right here, so it’s a crypto exchange. It’s not the biggest crypto exchange out, there it’s not a Binance, but it still is a reputable crypto exchange. I’ve used it before I do like Mexi. But, it says here have a look at this Mexi is proud to be the first centralized exchange to launch a Luna buy back and burn plan with trading fee received from the pair with the aim to helping with the recovery of the token price. It is nowhere near huge but this is what we can do to lay the helping hand on all Luna classic holders so have a look at this. This is grassroots efforts from Mexi the crypto exchange and they have a buy up and burn plan for Luna classic. So, if we do jump to their plan. I’ve got it right here and uh it does have to do with the trading fees on Mexi and again the more trades the more volume that goes through. What’s going to happen is they are going to send some Luna classic basically to a burn address and it says here Terra has officially provided a burn address. Mexi will make arrangements to send Luna tokens obtained from the secondary buyback of Luna to the official burn address specified on a daily basis and you can see right here some of the transactions that have went through so far.
So that is 58 million Luna that is 78 million Luna that is 71 million lunar right now and what’s important to understand about this? This effort is only one effort from a medium to small crypto exchange. So, it’s not like a massive crypto exchange. But, that’s just one. So, I reckon realistically if Luna classic was to go up in price and potentially get to that mythical one dollar. If you can never get there what would need to happen realistically is there would need to be a massive kind of what I would call a massive community effort to get Luna classic up to that level where it needs to be. There’ll need to be a couple of exchanges can do that. So, if Mexi kicks it off could there be other crypto exchanges out there. That are willing to participate in such an effort that is the question.
I do think personally for lunar classic it kind of reminds me a bit of those really great cryptos, like Shiba Inu, like your big coins. That is what you need to do is you need to have like a massive community. Our utility kind of build towards it again. So, again, if you have heaps of Luns classic holders out there, they want the price of Luna classic to go up in the long run. You need to be applying a lot of utility. So, you potentially could. There be like a play to earn game for Luna classic that not only that you can play the game but also could that game contribute to a burn as well. So, guys really I want you to think about all the different ways luna classic could burn up the cryptocurrency. So, in my opinion, if you want the price of Luna classic to go up, it will come down to burning up the cryptocurrency. We have seen some efforts from Mexi exchange. So, that’s a real effort right there. But I’m sure there are plenty more out there real real ideas and I wanted to bring that to your attention. In the end we want to say, yes, TERRA LUNA CLASSIC can reach $1 in 10 years, but don’t be nervous, we will give you an update if we get the signs that this is close happening.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/SU3s5zvvfwU